India Stocks: Indian shares log weekly losses as crude climbs, HDFC Bank tumbles

Infosys

24/07/2026 11:18

Updates for markets close
By Bharath Rajeswaran and Vivek Kumar M

    July 24 (Reuters) - Indian shares fell on Friday, posting weekly losses, as Brent crude briefly crossed $100 a barrel amid the escalating Middle East conflict.

    HDFC Bank HDBK.NS, the biggest weight on the benchmark indexes, fell 9.4% for its steepest weekly decline in 2-1/2 years on concerns over margins, while Axis Bank AXBK.NS lost 7.6% after reporting weaker June-quarter net interest margins.
On the day, the Nifty 50 .NSEI fell 0.43% to 23,767.45 and the BSE Sensex .BSESN shed 0.43% to 76,059.77, extending losses to the fifth straight session.

    Infosys INFY.NS and Interglobe Aviation INGL.NS fell 0.6% and 0.8%, respectively, after weak June-quarter results.
The Nifty fell 2.33% this week, its worst in four months, while the Sensex lost 2.7%, its steepest drop in two months.
Brent crude rose 10.1% in the week.
U.S. President Donald Trump on Thursday threatened Iran and Houthi allies with "major military punishment" after Yemeni fighters struck two Saudi oil tankers in the Red Sea, extending the conflict to another shipping chokepoint.
Higher oil prices risk stoking inflation, widening India's trade gap and squeezing growth and corporate profit margins.O/R
"The key question is whether higher oil prices prove persistent," said Bhautik Ambani, chief executive officer of AlphaGrep Mutual Fund.
"A temporary spike can be absorbed by markets, but a prolonged period of elevated crude prices, combined with supply-chain disruptions, could create medium-term concerns for markets and the economy."
Ambani added that the erratic monsoon and rainfall deficit are also lingering risks, as they could hurt rural incomes and consumption. 
Thirteen of 16 sectors fell this week. Small- and mid-caps .NIFSMCP100, .NIFMDCP100 lost 2.2% and 1.3%, respectively. 
Private banks .NIFPVTBNK, financials .NIFTYFIN and banks .NSEBANK declined 4.3%, 3.7% and 3.1%, dragged by HDFC and Axis.
Bucking the broader trend, Bajaj Auto BAJA.NS and Nestle India NEST.NS rose 6.6% and 1.1%, respectively, on upbeat results.

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)
((VivekKumar.M@thomsonreuters.com))